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EUR/USD Forecast: $1.11871 Is Still A Valid Support Target

By Frano GrgićForexDec 05, 2021 06:07AM ET
www.investing.com/analysis/eurusd-forecast-111871-is-still-a-valid-support-target-200610484
EUR/USD Forecast: $1.11871 Is Still A Valid Support Target
By Frano Grgić   |  Dec 05, 2021 06:07AM ET
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Looking into analysis from two weeks ago, the EUR/USD price reached $1.11871 in the pip, and then bounced back up to first resistance at $1.13094. The $1.11871 level was strong support because the price had a similar reaction on that level in the past.

This week, EUR/USD price had one strong bullish move trying to break above the $1.13094 level, but what we can see the bulls could not move the price higher.

Small bearish candles are still inside a large bullish candle which tells me that the price could move higher. Wicks on this week’s candles tells me that the price has a hard time moving in one direction because there are sellers and buyers pushing the price in their direction.

EUR/USD analysis 04122021
EUR/USD analysis 04122021

For the coming week, we're expecting to see the price close at the $1.14000 level and then move down. The $1.14000 level is a confluence level of resistance which is visible on the chart.

We have horizontal resistance and a downtrend channel line which together will present hard resistance to break above. So, we can expect the price to reach $1.14000 and after a short break above return back below.

If that happens we can look for a bearish price action signal as an entry level at which time the target becomes $1.13094 because the bears are still not finished. From there we need to wait and see what will happen.

If the market forms more bearish candles around $1.13094 and $1.14000, then level $1.11871 is still in the game. But, if EUR/USD manages to break above $1.14000 and stays there for a few days, we could see market sentiment changing a little bit into bullish sentiment.

EUR/USD Forecast: $1.11871 Is Still A Valid Support Target
 

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EUR/USD Forecast: $1.11871 Is Still A Valid Support Target

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Comments (3)
Enrico Delfini
Enrico Delfini Dec 05, 2021 10:26PM ET
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Will go to 1.0000
Shahzad Hussain Viha
Shahzad Hussain Viha Dec 05, 2021 10:26AM ET
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good jobe sir thankx
Frano Grgić
Frano Grgić Dec 05, 2021 10:26AM ET
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Thanks
Clinton Wanjala
Clinton Wanjala Dec 05, 2021 8:46AM ET
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I like your analysis
Frano Grgić
Frano Grgić Dec 05, 2021 8:46AM ET
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Thanks. I am glad you like it.
 
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